Valuer deems property unmortgageable dut to proximity of pub

[Lee W]

Hi,

 

just obtained a legal pack from auctioneer on a property that was not sold at auction and is now in open market.

In the legal pack was a valution report done for Aldermore,

 

The valuer has deemed the property unmortgageable due to the proximity of a pub. (Its over the road)

 

Surely, there are thousands of properties over the road from pubs/nightclubs etc that have mortgages on them.

 

Can anyone fill in the blanks for me please? Is aldermore unique in this, or am i just best to 'let it go'?

 

many thanks

 

Lee

[Aston Carter]

Hi Lee,

 

This is just unmortgagable within the lender’s guidelines. 

 

When a lender intructs a valuer, it’ll give them some guidelines/criteria that they want the property to meet. 

 

Just because this property doesn’t meet Aldermores criteria, doesn’t mean it won’t meet the criteria of another lender. 

 

Hope this help!

[Richard_Pia]

As far as I was aware, Aldermore do lend on flats above pubs, restaurants etc. but apply a max LTV of 60%. Irrespective, there will be other lenders that can still consider this. Many won't, but the valuer's comments are misleading to say it is unmortgageable.

[Lee W]

Thanks both. decided not to go for this one. but really appreciate your help